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High Yield Fund

Daily price w/o sales charge as of 10/22/2019

$7.38

$0.00

YTD Returns w/o sales charge as of 10/22/2019

12.08%

Overall Morningstar Ratings

High Yield Bond
as of 09/30/2019

Morningstar rated the Lord Abbett High Yield Fund class A share 3, 4 and 5 stars among 613, 532 and 344 High Yield Bond Funds for the overall rating and the 3, 5 and 10 year periods ended 9/30/2019, respectively.

Please click here for performance current to the most recent quarter-end and month-end.

Click here to view all legal text including risk information

Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

 

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core high-yield holding over a full market cycle.

Yield

Dividend Yield 1 as of 10/22/2019  

w/o sales charge 5.47%
w/ sales charge 5.35%

30-Day Standardized Yield 2 as of 09/30/2019  

4.47%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Expense Ratioas of 09/30/2019

Fund Basicsas of 09/30/2019

Total Net Assets
$6.97 B
Inception Date
12/31/1998
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
633
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 11.87% 4.64% 5.52% 5.24% 7.98% 6.77%
Lipper Category Avg. High Yield Funds 10.76% 5.50% 5.25% 4.29% 6.82% -
ICE BofAML U.S. High Yield Constrained Index 11.50% 6.30% 6.07% 5.37% 7.84% 6.80%
w/ sales charge 9.33% 2.31% 4.73% 4.76% 7.74% 6.66%

Fund Expense Ratio :

0.90%

Fund Expense Ratio :

0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 11.87% 4.64% 5.52% 5.24% 7.98% 6.77%
Lipper Category Avg. High Yield Funds 10.76% 5.50% 5.25% 4.29% 6.82% -
ICE BofAML U.S. High Yield Constrained Index 11.50% 6.30% 6.07% 5.37% 7.84% 6.80%
w/ sales charge 9.33% 2.31% 4.73% 4.76% 7.74% 6.66%

Fund Expense Ratio :

0.90%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

RELATED CONTENT

High Yield Spreads Aren’t as Narrow as They May First Appear
October 18, 2019

While high yield bonds’ yield to maturity may be close to historic lows, credit spreads themselves are not, particularly when adjusted for favorable changes in credit quality and duration.

Our Answers to Six Key Valuation Questions
July 15, 2019

Here, we attempt to sort out the current investment environment—and whether select asset classes still present attractive opportunities.

U.S. High Yield: Lessons from the Recent Volatility
February 11, 2019

Rather than trying to anticipate short-term price moves, we believe investors would be better served by focusing on the asset class’s long-term history of risk-adjusted returns.

Type Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Equity
Convertibles
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 09/30/2019 View Portfolio

Rating Assets
BBB
BB
B
<B
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Investment Team

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

11 Years of Industry Experience

Supported By 65 Investment Professionals with 16 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 10/22/2019  

w/o sales charge 5.47%
w/ sales charge 5.35%

30-Day Standardized Yield 2 as of 09/30/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.47% 4.47%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 11.87% 4.64% 5.52% 5.24% 7.98% 6.77%
Lipper Category Avg. High Yield Funds 10.76% 5.50% 5.25% 4.29% 6.82% -
ICE BofAML U.S. High Yield Constrained Index 11.50% 6.30% 6.07% 5.37% 7.84% 6.80%
w/ sales charge 9.33% 2.31% 4.73% 4.76% 7.74% 6.66%

Fund Expense Ratio :

0.90%

Fund Expense Ratio :

0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 11.87% 4.64% 5.52% 5.24% 7.98% 6.77%
Lipper Category Avg. High Yield Funds 10.76% 5.50% 5.25% 4.29% 6.82% -
ICE BofAML U.S. High Yield Constrained Index 11.50% 6.30% 6.07% 5.37% 7.84% 6.80%
w/ sales charge 9.33% 2.31% 4.73% 4.76% 7.74% 6.66%

Fund Expense Ratio :

0.90%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

Year Fund Returns ICE BofAML U.S. High Yield Constrained Index
2018 -5.15% -2.27%
2017 8.50% 7.48%
2016 15.84% 17.49%
2015 -2.26% -4.61%
2014 3.46% 2.51%
2013 9.69% 7.41%
2012 16.50% 15.55%
2011 3.15% 4.37%
2010 14.31% 15.07%
2009 50.51% 58.10%
2008 -23.42% -
2007 2.43% -
2006 9.94% -
2005 1.15% -
2004 10.42% -
2003 21.59% -
2002 -0.10% -
2001 5.36% -
2000 -3.01% -
1999 6.57% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 7.50% 3.77% 0.28% - 12.08%
2018 -1.07% -0.04% 2.54% -6.47% -5.15%
2017 2.82% 1.98% 2.45% 1.00% 8.50%
2016 2.01% 5.52% 5.46% 2.05% 15.84%
2015 3.05% 0.86% -4.23% -1.81% -2.26%
2014 2.92% 3.38% -1.83% -0.95% 3.46%
2013 3.97% -1.03% 2.51% 3.99% 9.69%
2012 6.63% 0.36% 5.06% 3.61% 16.50%
2011 3.82% 1.07% -7.02% 5.73% 3.15%
2010 4.93% -0.92% 6.33% 3.40% 14.31%
2009 5.95% 17.32% 14.23% 6.01% 50.51%
2008 -3.43% 1.99% -7.81% -15.68% -23.42%
2007 2.98% 0.17% 0.48% -1.17% 2.43%
2006 2.57% 0.01% 2.80% 4.27% 9.94%
2005 -1.74% 1.49% 0.87% 0.56% 1.15%
2004 1.07% -0.32% 4.34% 5.04% 10.42%
2003 4.06% 8.25% 2.40% 5.41% 21.59%
2002 1.51% -3.59% -3.78% 6.10% -0.10%
2001 5.14% -1.67% -3.99% 6.15% 5.36%
2000 -1.66% 0.99% 0.31% -2.65% -3.01%
1999 3.43% -0.11% -0.81% 3.99% 6.57%
1998 - - - - 0.80%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

Growth of $10,000 as of 07/31/2019

The chart begins on the Fund's inception date of 12/31/1998.

Based on a hypothetical Class A share investment of $10,000 on 12/31/1998 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Equity
Convertibles
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 09/30/2019

Rating Assets
BBB
BB
B
<B
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Portfolio Positioning as of 9/30/2019

  • From a sector standpoint, the portfolio has shifted from defensive to cyclical sectors—adding energy, industrial, building products, and automotive issues, and reducing healthcare and media holdings.
  • The portfolio is overweight the energy sector, with a focus on shorter maturity bonds in the exploration & production (E&P) segment based on our view on positive fundamentals of select credits within the sector.
  • The telecom sector remains the portfolio’s largest underweight, as we believe that, in addition to secular issues faced by the wireline segment, idiosyncratic issues continue to plague major wireline companies.
  • In terms of ratings, we have been reducing portfolio’s holdings of‘BB-rated debt, as we view BBs as the most overpriced category in high yield, and adding CCC-rated credits, which we believe are trading at attractive valuations.
  • As of quarter-end, the portfolio had modest allocations to out-of-index sectors, such as bank loans, convertibles, investment grade bonds, and equities. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity.
  • We continue to believe that general economic fundamentals and stronger than expected earnings growth will favor the lower-rated segments of the high yield market. We expect default rates to remain subdued and believe that high yield spreads can grind tighter from current levels.

Portfolio Details as of 09/30/2019

Total Net Assets
$6.97 B
Number of Issues
633
Average Coupon
6.34%
Average Maturity
6.53 Years
Average Effective Duration
3.66 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding Coupon Maturity Assets
Sprint Capital Corp. 6.875% 11/15/2028 1.8%
DISH DBS Corp. 7.750% 07/01/2026 1.0%
Ally Financial, Inc. 8.000% 11/01/2031 1.0%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.125% 05/01/2027 0.7%
TransDigm, Inc. 6.375% 06/15/2026 0.7%
Numericable Group S.A. 7.375% 05/01/2026 0.7%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.875% 05/01/2027 0.7%
Tesla Motors, Inc. 5.300% 08/15/2025 0.6%
General Electric Co. 5.000% 12/31/2099 0.6%
Calpine Corp. 5.750% 01/15/2025 0.6%
% of Total Assets 8.4%
Holding Coupon Maturity Assets
Sprint Capital Corp.6.875% 11/15/20281.9%
DISH DBS Corp.7.750% 07/01/20261.0%
Ally Financial, Inc.8.000% 11/01/20310.9%
CCO Holdings LLC / CCO Holdings Capital Corp.5.875% 05/01/20270.7%
Numericable Group S.A.7.375% 05/01/20260.7%
Tesla Motors, Inc.5.300% 08/15/20250.7%
TransDigm, Inc.6.375% 06/15/20260.6%
Calpine Corp.5.750% 01/15/20250.6%
CCO Holdings LLC / CCO Holdings Capital Corp.5.125% 05/01/20270.6%
Valeant Pharmaceuticals International, Inc.8.500% 01/31/20270.6%
HCA, Inc.5.500% 06/15/20470.6%
Freeport-McMoRan, Inc.3.875% 03/15/20230.5%
Netflix, Inc.3.625% 05/15/20270.5%
Springleaf Finance Corp.6.125% 03/15/20240.5%
General Electric Co.5.000% 12/31/20990.5%
MEG Energy Corp.7.000% 03/31/20240.5%
CCO Holdings LLC / CCO Holdings Capital Corp.5.750% 02/15/20260.5%
CSC Holdings LLC5.500% 04/15/20270.5%
Tenet Healthcare Corp.5.125% 05/01/20250.5%
United Rentals, Inc.4.875% 01/15/20280.4%
Netflix, Inc.5.875% 02/15/20250.4%
Intelsat Jackson Holdings SA5.500% 08/01/20230.4%
Navient Corp.6.125% 03/25/20240.4%
Sinclair Broadcast Group, Inc.5.125% 02/15/20270.4%
Cheniere Corpus Christi Holdings LLC5.875% 03/31/20250.4%
CSC Holdings LLC10.875% 10/15/20250.4%
CF Industries, Inc.5.150% 03/15/20340.4%
NRG Energy, Inc.5.750% 01/15/20280.4%
RegionalCare Hospital Partners Holdings Inc / Life9.750% 12/01/20260.4%
Cheniere Corpus Christi Holdings LLC5.125% 06/30/20270.4%
Verscend Escrow Corp9.750% 08/15/20260.4%
Western Digital Corp.4.750% 02/15/20260.4%
DKT Finance ApS9.375% 06/17/20230.4%
TransDigm, Inc.6.250% 03/15/20260.4%
Sirius XM Radio, Inc.5.000% 08/01/20270.3%
Numericable Group S.A.8.125% 02/01/20270.3%
MGM Resorts International4.625% 09/01/20260.3%
Navient Corp.6.750% 06/25/20250.3%
Jagged Peak Energy LLC5.875% 05/01/20260.3%
Intesa Sanpaolo SpA5.710% 01/15/20260.3%
Diamond Sports Group LLC / Diamond Sports Finance5.375% 08/15/20260.3%
ViaSat, Inc.5.625% 04/15/20270.3%
Centene Corp.4.750% 01/15/20250.3%
Match Group, Inc.5.000% 12/15/20270.3%
Ziggo BV5.500% 01/15/20270.3%
RBS Global & Rexnord Corp.4.875% 12/15/20250.3%
AMC Networks, Inc.4.750% 08/01/20250.3%
IRB Holding Corp6.750% 02/15/20260.3%
Diamondback Energy, Inc.4.750% 11/01/20240.3%
Pacific Gas & Electric Co.6.050% 03/01/20340.3%
Molina Healthcare, Inc.4.875% 06/15/20250.3%
Bombardier, Inc.7.500% 03/15/20250.3%
Tullow Oil plc7.000% 03/01/20250.3%
T-Mobile USA, Inc.6.500% 01/15/20260.3%
Century Communities, Inc.5.875% 07/15/20250.3%
CIT Group, Inc.6.125% 03/09/20280.3%
Tenet Healthcare Corp.6.750% 06/15/20230.3%
Lennar Corp.4.750% 05/30/20250.3%
Rio Oil Finance Trust Series 2018-18.200% 04/06/20280.3%
Transocean Poseidon Ltd6.875% 02/01/20270.3%
Tenet Healthcare Corp.6.250% 02/01/20270.3%
Oasis Petroleum, Inc.6.250% 05/01/20260.3%
Pulte Group, Inc.5.000% 01/15/20270.3%
Community Health Systems, Inc.8.000% 11/15/20190.3%
Yingde Gases Investment Ltd6.250% 01/19/20230.3%
Mueller Water Products, Inc.5.500% 06/15/20260.3%
CSC Holdings LLC6.500% 02/01/20290.3%
Ingevity Corp.4.500% 02/01/20260.3%
VOC Escrow Ltd5.000% 02/15/20280.3%
SM Energy Co.6.625% 01/15/20270.3%
SRC Energy Inc6.250% 12/01/20250.3%
Macquarie Bank Ltd./London6.125% 03/08/21670.3%
California Resources Corp.8.000% 12/15/20220.3%
Ashland, Inc.6.875% 05/15/20430.3%
Popular, Inc.6.125% 09/14/20230.3%
Radian Group, Inc.4.875% 03/15/20270.3%
PGT Escrow Issuer Inc6.750% 08/01/20260.3%
JBS USA LLC/JBS USA Finance, Inc.6.750% 02/15/20280.3%
Summit Materials LLC5.125% 06/01/20250.2%
Magnolia Oil & Gas Operating LLC / Magnolia Oil &6.000% 08/01/20260.2%
Baffinland Iron Mines Corp / Baffinland Iron Mines8.750% 07/15/20260.2%
Tronox Finance PLC5.750% 10/01/20250.2%
Drive Chassis Holdco LLC10.588% 04/10/20260.2%
Churchill Downs, Inc.4.750% 01/15/20280.2%
Apergy Corp6.375% 05/01/20260.2%
Netflix, Inc.4.875% 04/15/20280.2%
MPT Operating Partnership L.P.5.000% 10/15/20270.2%
Nexstar Escrow Inc5.625% 07/15/20270.2%
Yum! Brands, Inc.5.350% 11/01/20430.2%
Berry Petroleum Co.7.000% 02/15/20260.2%
Wabtec Corp.3.450% 11/15/20260.2%
Synovus Financial Corp.5.900% 02/07/20290.2%
Valeant Pharmaceuticals International, Inc.5.875% 05/15/20230.2%
Netflix, Inc.4.625% 05/15/20290.2%
Centene Corp.5.375% 06/01/20260.2%
Mattel, Inc.6.750% 12/31/20250.2%
Ball Corp.4.875% 03/15/20260.2%
Albertsons Cos LLC / Safeway, Inc. / New Albertson6.625% 06/15/20240.2%
HCA, Inc.8.360% 04/15/20240.2%
Altice Financing S.A.7.500% 05/15/20260.2%
Berry Plastics Corp.4.875% 07/15/20260.2%
Callon Petroleum Co.6.125% 10/01/20240.2%
Mclaren Finance PLC5.000% 08/01/20220.2%
Brink's Co/The4.625% 10/15/20270.2%
New Gold, Inc.6.250% 11/15/20220.2%
Sensata Technologies BV5.625% 11/01/20240.2%
WeWork Cos Inc7.875% 05/01/20250.2%
Cemig Geracao e Transmissao SA9.250% 12/05/20240.2%
Under Armour, Inc.3.250% 06/15/20260.2%
Hilton Domestic Operating Co, Inc.5.125% 05/01/20260.2%
Micron Technology, Inc.5.327% 02/06/20290.2%
William Lyon Homes, Inc.6.625% 07/15/20270.2%
CONSOL Energy Inc11.000% 11/15/20250.2%
Citgo Holding, Inc.9.250% 08/01/20240.2%
Intelsat Luxembourg S.A.8.125% 06/01/20230.2%
Post Holdings, Inc.5.500% 03/01/20250.2%
Genworth Holdings Inc4.900% 08/15/20230.2%
BankUnited, Inc.4.875% 11/17/20250.2%
Penn National Gaming, Inc.5.625% 01/15/20270.2%
Shea Homes LP / Shea Homes Funding Corp.6.125% 04/01/20250.2%
Waste Pro USA Inc5.500% 02/15/20260.2%
Buena Vista Gaming Authority13.000% 04/01/20230.2%
Sinclair Broadcast Group, Inc.5.875% 03/15/20260.2%
Brand Energy & Infrastructure Services Inc8.500% 07/15/20250.2%
Hub International Ltd.7.000% 05/01/20260.2%
Everi Payments Inc7.500% 12/15/20250.2%
Stena AB7.000% 02/01/20240.2%
Twin River Worldwide Holdings Inc6.750% 06/01/20270.2%
W&T Offshore, Inc.9.750% 11/01/20230.2%
Centennial Resource Production LLC5.375% 01/15/20260.2%
Diebold, Inc.8.500% 04/15/20240.2%
DaVita, Inc.5.000% 05/01/20250.2%
Wyndham Worldwide Corp.5.750% 04/01/20270.2%
NGPL Pipeco LLC4.875% 08/15/20270.2%
Azul Investments LLP5.875% 10/26/20240.2%
Parsley Energy LLC5.625% 10/15/20270.2%
Quicken Loans Inc5.250% 01/15/20280.2%
EW Scripps Co.5.125% 05/15/20250.2%
Toll Brothers Finance Corp.4.875% 03/15/20270.2%
Itron, Inc.5.000% 01/15/20260.2%
Williams Scotsman International Inc6.875% 08/15/20230.2%
Caesars Palace Las Vegas Trust 2017-VICI4.499% 10/15/20340.2%
GCI LLC6.875% 04/15/20250.2%
FAGE International SA/ FAGE USA Dairy Industry Inc5.625% 08/15/20260.2%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell o5.000% 06/01/20240.2%
Geo Group, Inc.6.000% 04/15/20260.2%
CSN Resources SA7.625% 04/17/20260.2%
Booz Allen Hamilton, Inc.5.125% 05/01/20250.2%
Aston Martin Capital Holdings Ltd6.500% 04/15/20220.2%
TopBuild Corp.5.625% 05/01/20260.2%
Intelsat Jackson Holdings SA8.500% 10/15/20240.2%
SolarEdge Technologies, Inc.0.000% -0.2%
Coty, Inc.6.500% 04/15/20260.2%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.2%
Chobani LLC / Chobani Finance Corp Inc7.500% 04/15/20250.2%
TRI Pointe Homes LLC5.250% 06/01/20270.2%
Horizon Pharma USA Inc5.500% 08/01/20270.2%
AHP Health Partners Inc9.750% 07/15/20260.2%
William Carter Co.5.625% 03/15/20270.2%
NextEra Energy Operating Partners LP4.500% 09/15/20270.2%
Rede D'or Finance Sarl4.950% 01/17/20280.2%
BEP Ulterra Holdings Inc.7.362% 11/26/20250.2%
Aegea Finance Sarl5.750% 10/10/20240.2%
Gray Television, Inc.7.000% 05/15/20270.2%
Lamb Weston Holdings, Inc.4.875% 11/01/20260.2%
BCPE Cycle Merger Sub II Inc10.625% 07/15/20270.2%
Belo Corp.7.250% 09/15/20270.2%
Hilton Domestic Operating Co, Inc.4.875% 01/15/20300.2%
WPX Energy, Inc.5.250% 09/15/20240.2%
HCA, Inc.5.875% 02/01/20290.2%
AMC Networks, Inc.5.000% 04/01/20240.2%
Cheniere Energy Partners LP5.625% 10/01/20260.2%
Enterprise Development Authority/The12.000% 07/15/20240.2%
HAT Holdings I LLC / HAT Holdings II LLC5.250% 07/15/20240.2%
Intertape Polymer Group Inc7.000% 10/15/20260.2%
HCA, Inc.7.500% 12/15/20230.2%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell o4.750% 06/01/20270.2%
Promontoria Holding 264 BV6.750% 08/15/20230.2%
Surgery Center Holdings, Inc.10.000% 04/15/20270.2%
Gray Television, Inc.5.875% 07/15/20260.2%
Texas Capital Bank NA/Dallas TX5.250% 01/31/20260.2%
Altice Luxembourg SA10.500% 05/15/20270.2%
CSI Compressco LP / CSI Compressco Finance Inc7.500% 04/01/20250.2%
Hadrian Merger Sub Inc8.500% 05/01/20260.2%
Century Communities, Inc.6.750% 06/01/20270.2%
Ashton Woods USA LLC / Ashton Woods Finance Co.6.750% 08/01/20250.2%
William Lyon Homes, Inc.5.875% 01/31/20250.2%
Ladder Capital Finance Holdings LLC/Ladder Capital5.250% 10/01/20250.2%
Geopark Ltd.6.500% 09/21/20240.2%
Credit Suisse Group AG7.250% 09/12/21680.2%
Hilcorp Energy L.P. / Hilcorp Finance Co.6.250% 11/01/20280.2%
Provident Funding Associates L.P. / PFG Finance Co6.375% 06/15/20250.2%
Marriott Ownership Resorts Inc / ILG LLC6.500% 09/15/20260.2%
United Rentals, Inc.5.250% 01/15/20300.2%
H&E Equipment Services, Inc.5.625% 09/01/20250.2%
Masonite International Corp.5.375% 02/01/20280.2%
IAA Inc5.500% 06/15/20270.2%
Autopistas del Sol SA/Costa Rica7.375% 12/30/20300.2%
Sirius XM Radio, Inc.4.625% 07/15/20240.2%
Oceaneering International, Inc.6.000% 02/01/20280.2%
Centennial Resource Production LLC6.875% 04/01/20270.2%
Wendy's International, Inc.7.000% 12/15/20250.2%
Rumo Luxembourg Sarl5.875% 01/18/20250.2%
Masonite International Corp.5.750% 09/15/20260.2%
MEG Energy Corp.6.500% 01/15/20250.2%
American Woodmark Corp.4.875% 03/15/20260.2%
UAL Corp.4.875% 01/15/20250.2%
Garda World Security Corp8.750% 05/15/20250.2%
DaVita, Inc.5.125% 07/15/20240.2%
Titan Acquisition Ltd / Titan Co-Borrower LLC7.750% 04/15/20260.2%
VeriSign, Inc.5.250% 04/01/20250.2%
Boyd Gaming Corp.6.000% 08/15/20260.2%
Electricite de France SA5.625% 01/22/21640.2%
Service Corp. International4.625% 12/15/20270.2%
Fair Isaac Corp.5.250% 05/15/20260.2%
SPX FLOW, Inc.5.625% 08/15/20240.2%
Pactiv Corp.7.950% 12/15/20250.2%
Hecla Mining Co.6.875% 05/01/20210.2%
Callon Petroleum Co.6.375% 07/01/20260.2%
Cardtronics Inc / Cardtronics USA Inc5.500% 05/01/20250.2%
Clear Channel Outdoor Holding5.766% 08/09/20260.2%
Cheniere Energy Partners LP5.250% 10/01/20250.2%
Coeur Mining, Inc.5.875% 06/01/20240.2%
CSL Capital, LLC8.250% 10/15/20230.2%
j2 Cloud Services LLC / j2 Global Co-Obligor Inc6.000% 07/15/20250.2%
Freeport-McMoRan, Inc.5.250% 09/01/20290.2%
Kratos Defense & Security Solutions Inc6.500% 11/30/20250.2%
Univision Communications Inc.4.862% 03/15/20240.2%
Exterran Energy Solutions L.P. / EES Finance Corp.8.125% 05/01/20250.2%
Catalent Pharma Solutions Inc5.000% 07/15/20270.2%
BWAY Holding Co.7.250% 04/15/20250.2%
Warrior Met Coal Inc8.000% 11/01/20240.2%
Plains All American Pipeline L.P.6.125% 12/31/20990.2%
JB Poindexter & Co., Inc.7.125% 04/15/20260.2%
Sealed Air Corp.6.875% 07/15/20330.2%
Scotts Miracle-Gro Co.0.000% -0.2%
Stevens Holding Co Inc6.125% 10/01/20260.2%
Blue Cube Spinco, Inc.10.000% 10/15/20250.2%
Shake Shack, Inc.0.000% -0.2%
Twitter, Inc.0.250% 06/15/20240.2%
Hillman Group, Inc.6.375% 07/15/20220.2%
Air Medical Group Holdings, Inc.6.375% 05/15/20230.2%
Meredith Corp.6.875% 02/01/20260.2%
InterXion Holding NV4.750% 06/15/20250.2%
VF Holding Corp9.362% 07/02/20260.2%
Garrett LX I Sarl / Garrett Borrowing LLC5.125% 10/15/20260.2%
Huntington Bancshares, Inc.5.700% 12/31/20990.2%
Bacardi Ltd.5.300% 05/15/20480.2%
Uber Technologies Inc8.000% 11/01/20260.2%
ProAmpac PG Borrower LLC5.703% 11/20/20230.2%
Boyne USA Inc7.250% 05/01/20250.2%
Barminco Finance Pty Ltd.6.625% 05/15/20220.1%
U.S. Silica Company6.125% 05/01/20250.1%
Helix Gen Funding, LLC5.862% 06/03/20240.1%
Boston Beer Co., Inc.0.000% -0.1%
SM Energy Co.6.750% 09/15/20260.1%
Rockpoint Gas Storage Canada Ltd7.000% 03/31/20230.1%
Summit Materials LLC6.500% 03/15/20270.1%
Diamond Sports Group LLC / Diamond Sports Finance6.625% 08/15/20270.1%
Diamondback Energy, Inc.0.000% -0.1%
CSC Holdings LLC5.750% 01/15/20300.1%
SPCM S.A.4.875% 09/15/20250.1%
Virgin Media Secured Finance plc4.875% 01/15/20270.1%
Eskom Holdings SOC Ltd.8.450% 08/10/20280.1%
Millicom International Cellular S.A.6.625% 10/15/20260.1%
Netflix, Inc.3.875% 11/15/20290.1%
CDW Corp.5.500% 12/01/20240.1%
Beacon Roofing Supply, Inc.4.875% 11/01/20250.1%
PDC Energy, Inc.6.125% 09/15/20240.1%
Longview Power8.260% 03/25/20210.1%
BCD Acquisition, Inc.9.625% 09/15/20230.1%
Clear Channel Worldwide Holdings, Inc.9.250% 02/15/20240.1%
Equinix, Inc.2.875% 02/01/20260.1%
Surgery Center Holdings, Inc.6.750% 07/01/20250.1%
Targa Resources Partners L.P.5.375% 02/01/20270.1%
Hilcorp Energy L.P. / Hilcorp Finance Co.5.000% 12/01/20240.1%
Clearway Energy Operating LLC5.750% 10/15/20250.1%
Exterran Partners L.P. / EXLP Finance Corp.6.875% 04/01/20270.1%
Eoc Group Inc5.362% 02/28/20250.1%
Nine Energy Service Inc8.750% 11/01/20230.1%
Carrizo Oil & Gas, Inc.8.250% 07/15/20250.1%
Cogent Communications Group, Inc.5.375% 03/01/20220.1%
Pentair Finance SA4.500% 07/01/20290.1%
Acrisure LLC / Acrisure Finance Inc8.125% 02/15/20240.1%
Forming Machining Indust6.580% 10/09/20250.1%
Murphy Oil USA, Inc.5.625% 05/01/20270.1%
Oceaneering International, Inc.4.650% 11/15/20240.1%
OCI NV6.625% 04/15/20230.1%
Bristow Group, Inc.8.750% 03/01/20230.1%
Compass Minerals International, Inc.4.875% 07/15/20240.1%
Frontera Generation Hold6.451% 05/02/20250.1%
Republic of Argentina6.875% 04/22/20210.1%
WPX Energy, Inc.5.750% 06/01/20260.1%
Pulte Group, Inc.6.375% 05/15/20330.1%
AES Corp.4.500% 03/15/20230.1%
Hill-Rom Holdings, Inc.5.000% 02/15/20250.1%
Inter Media and Communication SpA4.875% 12/31/20220.1%
Dutch Lion BV11.250% 06/15/20200.1%
Hilcorp Energy L.P. / Hilcorp Finance Co.5.750% 10/01/20250.1%
Greenko Solar Mauritius Ltd5.950% 07/29/20260.1%
Extraction Oil & Gas Inc7.375% 05/15/20240.1%
Ahern Rentals, Inc.7.375% 05/15/20230.1%
Alliant Holdings Intermediate LLC8.250% 08/01/20230.1%
Indigo Natural Resources LLC6.875% 02/15/20260.1%
Energizer Holdings, Inc.6.375% 07/15/20260.1%
Steel Dynamics, Inc.5.000% 12/15/20260.1%
Caesars Palace Las Vegas Trust 2017-VICI4.499% 10/15/20340.1%
Targa Resources Partners L.P.5.875% 04/15/20260.1%
MHP Lux SA6.950% 04/03/20260.1%
Hawaiian Airlines Class B Pass Through Certificate4.950% 01/15/20220.1%
Schaeffler Verwaltung Zwei GmbH4.750% 09/15/20260.1%
NSG Holdings LLC / NSG Holdings, Inc.7.750% 12/15/20250.1%
Revlon, Inc. Class A5.571% 09/07/20230.1%
Laredo Petroleum Holdings, Inc.5.625% 01/15/20220.1%
Stoneway Capital Corp10.000% 03/01/20270.1%
Sprint Corp.7.625% 03/01/20260.1%
AES Corp.5.125% 09/01/20270.1%
Altice Luxembourg SA7.625% 02/15/20250.1%
Louisiana-Pacific Corp.4.875% 09/15/20240.1%
Merlin Entertainments PLC5.750% 06/15/20260.1%
Tempo Acquisition LLC / Tempo Acquisition Finance6.750% 06/01/20250.1%
Antero Midstream Partners L.P. / Antero Midstream5.375% 09/15/20240.1%
United PF Holdings LLC6.688% 06/10/20260.1%
Wabash National Corp.5.500% 10/01/20250.1%
Marble II Pte Ltd.5.300% 06/20/20220.1%
Topgolf International, Inc.7.922% 02/09/20260.1%
Kernel Holding SA8.750% 01/31/20220.1%
Ritchie Bros Auctioneers, Inc.5.375% 01/15/20250.1%
Steel Dynamics, Inc.4.125% 09/15/20250.1%
Wyndham Hotels & Resorts Inc5.375% 04/15/20260.1%
Central American Bottling Corp.5.750% 01/31/20270.1%
Permian Resources LLC / AEPB Finance Corp.13.000% 11/30/20200.1%
Chaparral Energy, Inc.8.750% 07/15/20230.1%
Amsted Industries, Inc.5.625% 07/01/20270.1%
SPX FLOW, Inc.5.875% 08/15/20260.1%
Trade Me Group Ltd6.851% 05/01/20260.1%
YETI Holdings Inc0.000% -0.1%
New Enterprise Stone & Lime Co., Inc.6.250% 03/15/20260.1%
Qorvo, Inc.5.500% 07/15/20260.1%
Trimas Corp.4.875% 10/15/20250.1%
Holly Energy Partners L.P. / Holly Energy Finance6.000% 08/01/20240.1%
Sonic Automotive, Inc.6.125% 03/15/20270.1%
Telecom Argentina SA8.000% 07/18/20260.1%
Novelis Corp.5.875% 09/30/20260.1%
Con-way, Inc.6.700% 05/01/20340.1%
Freedom Mortgage Corp8.250% 04/15/20250.1%
NVA Holdings Inc/United States6.875% 04/01/20260.1%
Buckeye Partners L.P.3.950% 12/01/20260.1%
ServiceMaster Co LLC/The5.125% 11/15/20240.1%
Weight Watchers International, Inc.8.625% 12/01/20250.1%
Yak Access LLC12.319% 07/10/20260.1%
Nokia Corp.4.375% 06/12/20270.1%
Sotheby's4.875% 12/15/20250.1%
MGM Growth Properties Operating Partnership LP / M5.625% 05/01/20240.1%
Transocean Pontus Ltd6.125% 08/01/20250.1%
Lower Cadence Holdings L6.145% 05/08/20260.1%
Live Nation Entertainment, Inc.5.625% 03/15/20260.1%
Kestrel Bidco Inc5.266% 08/07/20260.1%
WhatABrands LLC5.516% 07/19/20260.1%
CCO Holdings LLC / CCO Holdings Capital Corp.5.000% 02/01/20280.1%
Gateway Casinos & Entertainment Ltd8.250% 03/01/20240.1%
Latam Finance Ltd.7.000% 03/01/20260.1%
Great Lakes Dredge & Dock Corp.8.000% 05/15/20220.1%
LBC Tank Terminals Holding Netherlands BV6.875% 05/15/20230.1%
Roku Inc0.000% -0.1%
Press Ganey Inc5.612% 07/22/20260.1%
CommScope, Inc.8.250% 03/01/20270.1%
Delhi International Airport Pvt Ltd6.450% 06/04/20290.1%
Ziggo Bond Co. BV5.875% 01/15/20250.1%
Acrisure LLC / Acrisure Finance Inc7.000% 11/15/20250.1%
Navicure Inc9.612% 10/31/20250.1%
Telefonica Celular del Paraguay SA5.875% 04/15/20270.1%
Elwood Energy LLC8.159% 07/05/20260.1%
Terraform Global Operating LLC6.125% 03/01/20260.1%
Kuehg Corp10.580% 08/15/20250.1%
Go Daddy Operating Co LLC / GD Finance Co Inc5.250% 12/01/20270.1%
Covanta Holding Corp.6.000% 01/01/20270.1%
Toll Brothers Finance Corp.4.350% 02/15/20280.1%
Pinterest Inc0.000% -0.1%
Clearway Energy Operating LLC5.000% 09/15/20260.1%
Station Casinos LLC5.000% 10/01/20250.1%
Fairstone Financial Inc7.875% 07/15/20240.1%
Starfruit Finco BV / Starfruit US Holdco LLC8.000% 10/01/20260.1%
Community Health Systems, Inc.5.125% 08/01/20210.1%
Valeant Pharmaceuticals International, Inc.7.000% 03/15/20240.1%
Hunt Oil Co of Peru LLC Sucursal Del Peru6.375% 06/01/20280.1%
MTS Systems Corp.5.750% 08/15/20270.1%
Hughes Satellite Systems Corp.5.250% 08/01/20260.1%
Sally Holdings LLC / Sally Capital, Inc.5.625% 12/01/20250.1%
Koppers, Inc.6.000% 02/15/20250.1%
Stars Group Holdings BV / Stars Group US Co-Borrow7.000% 07/15/20260.1%
GCP Applied Technologies, Inc.5.500% 04/15/20260.1%
Mirati Therapeutics, Inc.0.000% -0.1%
United Rentals, Inc.4.625% 10/15/20250.1%
Exgen Renewables IV, LLC5.130% 11/28/20240.1%
Guitar Center, Inc.9.500% 10/15/20210.1%
Murphy Oil Corp.6.875% 08/15/20240.1%
Pharmaceutical Product Development LLC6.375% 08/01/20230.1%
Theta Capital Pte Ltd.6.750% 10/31/20260.1%
Dometic Group AB3.000% 05/08/20260.1%
KGA Escrow LLC7.500% 08/15/20230.1%
Adient US LLC7.000% 05/15/20260.1%
Endeavor Energy Resources L.P.5.500% 01/30/20260.1%
Six Flags Entertainment Corp.4.875% 07/31/20240.1%
Radiate Holdco LLC / Radiate Finance Inc6.625% 02/15/20250.1%
Delphi Technologies PLC5.000% 10/01/20250.1%
Buckeye Partners L.P.6.375% 01/22/20780.1%
Inmarsat Finance plc6.500% 10/01/20240.1%
Everbridge, Inc.1.500% 11/01/20220.1%
Asbury Automotive Group, Inc.6.000% 12/15/20240.1%
Capitol Investment Merger Sub 2 LLC10.000% 08/01/20240.1%
Cliffs Natural Resources, Inc.5.875% 06/01/20270.1%
Netflix, Inc.5.875% 11/15/20280.1%
Golar LNG Partners L.P.8.768% 05/18/20210.1%
Lonestar II Generation H7.610% 04/20/20260.1%
Sugarhouse HSP Gaming Prop Mezz LP/Fin Corp.5.875% 05/15/20250.1%
Transocean Proteus Ltd.6.250% 12/01/20240.1%
Flex Acquisition Co Inc7.875% 07/15/20260.1%
Fresh Market, Inc.9.750% 05/01/20230.1%
Sanderson Farms, Inc.0.000% -0.1%
Triumph Group, Inc.7.750% 08/15/20250.1%
Griffon Corp.5.250% 03/01/20220.1%
Cliffs Natural Resources, Inc.5.750% 03/01/20250.1%
Mohegan Tribal Gaming Authority7.875% 10/15/20240.1%
LHC3 PLC4.125% 08/15/20240.1%
BBA US Holdings Inc5.375% 05/01/20260.1%
Simmons Foods, Inc.7.750% 01/15/20240.1%
Norbord, Inc.6.250% 04/15/20230.1%
Starbucks Corp.0.000% -0.1%
JD Power & Associates9.500% 06/09/20240.1%
MGIC Investment Corp.5.750% 08/15/20230.1%
Ortho-Clinical Diagnostics Inc / Ortho-Clinical Di6.625% 05/15/20220.1%
Airxcel, Inc.6.612% 04/28/20250.1%
TGP Holdings III LLC10.830% 09/20/20250.1%
PCI Gaming Authority5.112% 05/15/20260.1%
Mong Duong Finance Holdings BV5.125% 05/07/20290.1%
Rain CII Carbon LLC7.250% 04/01/20250.1%
Performance Food Group, Inc.5.500% 06/01/20240.1%
LGI Homes, Inc.6.875% 07/15/20260.1%
MRP Generation Holdings LLC9.359% 10/18/20220.1%
Danaher Corp.0.000% 04/15/20220.1%
AssuredPartners Inc7.000% 08/15/20250.1%
Generac Holdings, Inc.0.000% -0.1%
Acadia Healthcare Co., Inc.5.625% 02/15/20230.1%
MarketAxess Holdings, Inc.0.000% -0.1%
Allison Transmission, Inc.5.000% 10/01/20240.1%
Teledyne Technologies, Inc.0.000% -0.1%
Molina Healthcare, Inc.5.375% 11/15/20220.1%
WTT Investment Ltd/Hong Kong5.500% 11/21/20220.1%
Sage Therapeutics, Inc.0.000% -0.1%
Transocean Phoenix 2 Ltd.7.750% 10/15/20240.1%
Insulet Corp.1.375% 11/15/20240.1%
Southwestern Energy Co.7.750% 10/01/20270.1%
Pinnacle Bidco PLC6.375% 02/15/20250.1%
HEICO Corp.0.000% -0.1%
II-VI Inc6.062% 03/08/20260.1%
Service Corp. International5.125% 06/01/20290.1%
Minerva Luxembourg SA5.875% 01/19/20280.1%
AerCap Ireland Capital Ltd.3.650% 07/21/20270.1%
Techem Verwaltungsgesellschaft 674 mbH6.000% 07/30/20260.1%
First Solar, Inc.0.000% -0.1%
Wyndham Worldwide Corp.6.350% 10/01/20250.1%
Edwards Lifesciences Corp.0.000% -0.1%
Advanced Micro Devices, Inc.2.125% 09/01/20260.1%
Lululemon Athletica, Inc.0.000% -0.1%
MPH Acquisition Holdings LLC7.125% 06/01/20240.1%
Navistar International Corp.6.625% 11/01/20250.1%
Hess Corp.0.000% -0.1%
Altran Technologies8.862% 06/26/20260.1%
Universal Display Corp.0.000% -0.1%
Dynagas LNG Partners L.P.6.250% 10/30/20190.1%
Flynn Restaurant Group5.612% 06/27/20250.1%
Repligen Corp.0.375% 07/15/20240.1%
Lennox International, Inc.0.000% -0.1%
Alteryx Inc0.500% 06/01/20230.1%
Match Group, Inc.0.000% -0.1%
QEP Resources, Inc.5.250% 05/01/20230.1%
Algeco Scotsman Global Finance plc8.000% 02/15/20230.1%
QuickSilver Inc.8.350% 04/08/20240.1%
Miller Homes Group Holdings PLC5.500% 10/15/20240.1%
Bill Barrett Corp.7.000% 10/15/20220.1%
Range Resources Corp.4.875% 05/15/20250.1%
Mattel, Inc.5.450% 11/01/20410.1%
Teradyne, Inc.1.250% 12/15/20230.1%
CoStar Group, Inc.0.000% -0.1%
Levi Strauss & Co.3.375% 03/15/20270.1%
Casey's General Stores, Inc.0.000% -0.1%
CMA CGM SA5.250% 01/15/20250.1%
Britax Childcare4.500% 10/15/20200.1%
Cheniere Corpus Christi Holdings LLC7.000% 06/30/20240.1%
Cloud Crane LLC10.125% 08/01/20240.1%
Trade Desk, Inc./The0.000% -0.1%
Guardant Health Inc0.000% -0.1%
Aspen Technology, Inc.0.000% -0.1%
Owens Corning4.300% 07/15/20470.1%
Flynn Restaurant Group9.213% 06/29/20260.1%
PG&E Corp5.029% 12/31/20200.1%
Mercadolibre, Inc.2.000% 08/15/20280.1%
Mobile Mini, Inc.5.875% 07/01/20240.1%
Atlassian Inc0.625% 05/01/20230.1%
Tenneco, Inc.5.000% 07/15/20260.1%
CPUK Finance Ltd4.875% 08/28/20250.1%
West Street Merger Sub Inc6.375% 09/01/20250.1%
Gibson Brands, Inc0.000% -0.1%
Kumba Iron Ore Ltd.0.000% -0.1%
Zscaler Inc0.000% -0.1%
Thor Industries, Inc.6.000% 02/01/20260.1%
Blueprint Medicines Corp.0.000% -0.1%
Argenx SE0.000% -0.1%
Owens Corning4.400% 01/30/20480.1%
Jonah Energy LLC / Jonah Energy Finance Corp7.250% 10/15/20250.1%
Spotify Technology SA0.000% -0.1%
Buckeye Partners L.P.4.125% 12/01/20270.1%
Jacobs Entertainment, Inc.7.875% 02/01/20240.1%
Powerteam Services LLC9.580% 03/06/20260.1%
Republic of Argentina5.875% 01/11/20280.1%
Dole Food Co., Inc.7.250% 06/15/20250.1%
Moncler SpA0.000% -0.1%
Doncasters US Finance LLC (Doncasters US LLC)5.830% 04/09/20200.1%
PetSmart, Inc.5.875% 06/01/20250.1%
Targa Resources Partners L.P.4.250% 11/15/20230.1%
Mercer International, Inc.7.375% 01/15/20250.1%
Commercial Barge Line10.862% 11/12/20200.1%
Buenos Aires, Argentina7.500% 06/01/20270.1%
Snap Inc0.750% 08/01/20260.1%
North American Lifting Holdings, Inc. (aka TNT Crane & Rigging, Inc)11.330% 11/26/20210.1%
Darling International, Inc.5.250% 04/15/20270.1%
Lamb Weston Holdings, Inc.4.625% 11/01/20240.1%
Gray Television, Inc.5.125% 10/15/20240.1%
Tapstone Energy LLC / Tapstone Energy Finance Corp9.750% 06/01/20220.1%
Joseph T Ryerson & Son, Inc.11.000% 05/15/20220.1%
NRG Energy, Inc.5.250% 06/15/20290.1%
Provincia de Mendoza Argentina8.375% 05/19/20240.1%
Valeant Pharmaceuticals International, Inc.7.250% 05/30/20290.1%
Wynn Macau Ltd.5.500% 10/01/20270.1%
Eterna Capital Pte Ltd8.000% 12/11/20220.1%
Province of Santa Fe6.900% 11/01/20270.1%
YPF Energia Electrica SA10.000% 07/25/20260.1%
AG Merger Sub II Inc10.750% 08/01/20270.1%
Southern Graphics Inc9.646% 11/22/20230.1%
Targa Resources Partners L.P.6.500% 07/15/20270.1%
Provincia de Rio Negro7.750% 12/07/20250.1%
Sirius XM Radio, Inc.5.375% 07/15/20260.1%
Ashtead Capital, Inc.5.250% 08/01/20260.1%
CIT Group, Inc.5.250% 03/07/20250.1%
Provincia de Cordoba7.450% 09/01/20240.1%
Claire's Stores, Inc.0.000% -0.1%
HCA, Inc.7.690% 06/15/20250.1%
Teleflex, Inc.4.625% 11/15/20270.1%
AerCap Ireland Capital Ltd.4.450% 04/03/20260.1%
Moxie Patriot LLC8.080% 12/19/20200.1%
Springleaf Finance Corp.7.125% 03/15/20260.1%
Valeant Pharmaceuticals International, Inc.5.500% 03/01/20230.1%
Trivium Packaging Finance BV3.750% 08/15/20260.1%
CIBT Solutions, Inc.9.210% 06/01/20250.1%
Extraction Oil & Gas Inc5.625% 02/01/20260.1%
Pyxus International Inc9.875% 07/15/20210.1%
Univision Communications, Inc.5.125% 02/15/20250.1%
Provincia de la Rioja9.750% 02/24/20250.1%
CF Industries, Inc.4.950% 06/01/20430.1%
Panda Temple Power, LLC9.800% 02/07/20230.1%
QEP Resources, Inc.5.625% 03/01/20260.1%
Mercer International, Inc.5.500% 01/15/20260.1%
Antero Resources Corp.5.125% 12/01/20220.1%
Teleflex, Inc.4.875% 06/01/20260.1%
Montreign Resort Casino10.517% 01/24/20230.0%
CRISPR Therapeutics AG0.000% -0.0%
Antero Resources Corp.5.625% 06/01/20230.0%
CVR Partners LP / CVR Nitrogen Finance Corp9.250% 06/15/20230.0%
Claire's Stores, Inc.14.000% 09/05/20380.0%
Trivium Packaging Finance BV5.500% 08/15/20260.0%
Panda Power Funds8.080% 12/19/20200.0%
Precision Drilling Corp.5.250% 11/15/20240.0%
Altice Luxembourg SA7.750% 05/15/20220.0%
Province of Neuquen7.500% 04/27/20250.0%
CIT Group, Inc.6.000% 04/01/20360.0%
FX USD/GBP 09/190.000% 09/05/20190.0%
UC Holdings0.000% -0.0%
PG&E Corp5.029% 12/31/20200.0%
Denbury Resources, Inc.5.500% 05/01/20220.0%
FX USD/EUR 09/190.000% 09/09/20190.0%
FX USD/EUR 11/190.000% 11/14/20190.0%
Claire's Stores, Inc.0.000% 10/12/20380.0%
HCA, Inc.5.875% 02/15/20260.0%
Arcor6.000% 07/06/20230.0%
Credit Index Swap5.000% 06/20/20240.0%
Eoc Group Inc3.533% 02/26/20260.0%
United PF Holdings LLC0.000% 06/10/20260.0%
Trivium Packaging Finance BV8.500% 08/15/20270.0%
Lennar Corp.4.750% 11/29/20270.0%
Lonestar II Generation H7.610% 04/20/20260.0%
FGI Operating Company, LLC0.000% 05/15/20220.0%
Aston Martin Capital Holdings Ltd.5.750% 04/15/20220.0%
Repligen Corp.2.125% 06/01/20210.0%
William Lyon Homes, Inc.7.000% 08/15/20220.0%
Credit Default Swap1.000% 06/20/20200.0%
Province of Neuquen7.500% 04/27/20250.0%
Chaparral Energy, Inc.0.000% -0.0%
FX USD/EUR 09/190.000% 09/09/20190.0%
Remington Outdoor Co. Inc.0.000% -0.0%
FX USD/GBP 09/190.000% 09/05/20190.0%
FX USD/EUR 09/190.000% 09/09/20190.0%
Tonon Luxembourg S.A.6.500% 10/31/20240.0%
FX USD/EUR 09/190.000% 09/09/20190.0%
Morgan Stanley Capital I Trust5.510% 07/15/20560.0%
FX USD/EUR 09/190.000% 09/09/20190.0%
FX USD/GBP 09/190.000% 09/05/20190.0%
FX USD/EUR 09/190.000% 09/09/20190.0%
Penson Technologies LLC0.000% -0.0%
Afren plc6.625% 12/09/20200.0%
Afren plc11.500% 02/01/20220.0%
FX USD/EUR 09/190.000% 09/09/20190.0%
Afren plc10.250% 04/08/20220.0%
Fairway Group Holdings Corp.0.000% 02/24/20240.0%
Fairway Group Holdings Corp.0.000% 11/24/20230.0%
FX USD/EUR 09/190.000% 09/09/20190.0%
Remington Outdoor Co. Inc.0.000% -0.0%
Templar Energy LLC0.000% -0.0%
Templar Energy LLC0.000% -0.0%
US 10YR ULTRA FUT DEC190.000% 12/31/20190.0%
US 5YR NOTE (CBT) DEC190.000% 01/06/20200.0%
US ULTRA BOND CBT DEC190.000% 12/31/20190.0%
Washington Mutual, Inc.6.875% 06/15/20110.0%
EURO-BOBL FUT Sep190.000% 09/10/20190.0%
EURO-BUND FUTURE Sep190.000% 09/10/20190.0%
Fairway Group Acquisition Company0.000% -0.0%
FX USD/GBP 09/190.000% 09/05/20190.0%
FX USD/GBP 09/190.000% 09/05/20190.0%
FX USD/GBP 09/190.000% 09/05/20190.0%
General Motors Co.7.200% 01/15/20490.0%
Mirabela Nickel Ltd.1.000% 09/16/20440.0%
NEXSTAR BROADCASTING GROUP0.000% 11/30/20190.0%
US 10YR NOTE (CBT)DEC190.000% 12/31/20190.0%
US LONG BOND(CBD) DEC190.000% 12/31/20190.0%
US 2YR NOTE (CBT) DEC190.000% 01/06/20200.0%
FX EUR/USD 09/190.000% 09/09/20190.0%
FX EUR/USD 09/190.000% 09/09/20190.0%
FX GBP/USD 09/190.000% 09/05/20190.0%
FX GBP/USD 09/190.000% 09/05/20190.0%
FX EUR/USD 09/190.000% 09/09/20190.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Sector Allocationas of 09/30/2019

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Basic Industry arrowUp1.6%
Services arrowDown0.5%
Insurance arrowDown0.2%
Leisure arrowDown0.3%
Capital Goods arrowUp0.7%
Retail arrowDown0.8%
Financial Services arrowUp0.6%
Healthcare arrowDown2.0%
Technology & Electronics arrowDown0.3%
Real Estate arrowDown0.7%
Telecommunications arrowUp1.2%
Utility arrowUp0.3%
Energy arrowUp1.0%
Consumer Goods arrowDown0.1%
Other arrowDown0.4%
Automotive arrowUp0.6%
Banking arrowUp0.2%
Transportation arrowUp0.2%
Media arrowDown1.2%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 10/22/2019
$0.310
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2019 $0.03366 $7.39
Daily Daily 08/31/2019 $0.03336 $7.42
Daily Daily 07/31/2019 $0.03392 $7.49
Daily Daily 06/30/2019 $0.03502 $7.47
Daily Daily 05/31/2019 $0.03448 $7.29
Daily Daily 04/30/2019 $0.03439 $7.40
Daily Daily 03/31/2019 $0.03453 $7.30
Daily Daily 02/28/2019 $0.03510 $7.27
Daily Daily 01/31/2019 $0.03579 $7.18

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/18/2014 12/19/2014 $0.0899 $0.0792 $0.1691 $7.44
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 10/22/2019

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $7.55
$100,000 to $249,999 1.75% 1.50% $7.51
$250,000 to $499,999 1.25% 1.00% $7.47
$500,000 to $999,999 0.00% 1.00% $7.38
$1,000,000 to $5,000,000 0.00% 1.00% $7.38

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers Click here.

Expense Ratioas of 09/30/2019

Fund Documents

Fund Documents

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Annual Report
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Publish Date:11/03/2015
Fact Sheet
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Commentary
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Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.      

                    

1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

 

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

 

IMPORTANT INFORMATION

 

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The Fund invests primarily in high-yield, lower-rated securities, sometimes called junk bonds. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

 

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

Source: ICE Data Indices, LLC. 

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE BofAML INDICES AND RELATED DATA ON AN "AS IS" BASIS, MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BofAML INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THE USE OF THE FOREGOING, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND LORD ABBETT, OR ANY OF ITS PRODUCTS OR SERVICES.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

 

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.  

 

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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